Stop panic buying, no plan to increase petrol price - NNPC cautions Nigerians
The Nigerian National Petroleum Corporation (NNPC) has advised motorists to stop panic buying of Premium Motor Spirit (PMS) also known as petrol saying it has no plan to increase the ex-depot price in March.
Stop panic buying, no plan to increase petrol price - NNPC cautions Nigerians.
Recommended articles
The News Agency of Nigeria (NAN) reports that ex-depot price is the price at which depot owners sell products to marketers.
The price determines how much marketers will sell to motorists at their various fuel stations.
“Contrary to speculations of imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March.
ADVERTISEMENT
“The corporation was not contemplating any rise in the price of petrol in March in order not to jeopardize ongoing engagements with organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship,” he said.
NAN reports that most fuel stations in the Federal Capital Territory are currently not selling product while queues are seen in few that are dispenses to motorists.
Obateru also cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.
He added that corporation had enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
He further called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
National Assembly to make law that'll make university admission illegal for under 18
Ganduje describes his purported suspension from APC as African drama
Minister of Education summons Lead British School management over bullying scandal
Coalition backs Tinubu's policies, security interventions, other reforms
Kano ranked as worst-governed state in Nigeria
EFCC boss vows to resign if Yahaya Bello is not prosecuted
EFCC arrests ex-aviation minister Sirika for ₦8bn Nigerian Air scandal
Ex-APC spokesperson backs EFCC's hunt for Yahaya Bello
Woman suffering incurable disease finally gets her wish to choose how she dies
ADVERTISEMENT
